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Current Mortgage Rates in Ontario

We shop the most competitive brokers, lenders and banks in Ontario to bring you today's lowest interest rates, free of charge! Our comparison charts list current Ontario rates, and are updated on a daily basis. To compare a certain category, click on the "See All" button for more details.

1-yr 1.99% RedPath Financial
Lic. 10964
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2-yr 2.08% CanWise Financial
Lic. 12530
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3-yr 2.14% Top Producers Dominion Lending Centres
Lic. 12214
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4-yr 2.29% Top Producers Dominion Lending Centres
Lic. 12214
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5-yr 2.22% Mortgage Alliance Company of Canada
Lic. 10530
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6-yr 2.99% First National Compare all rates
7-yr 2.99% CanWise Financial
Lic. 12530
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8-yr 5.09% PC Financial Compare all rates
9-yr 5.40% PC Financial Compare all rates
10-yr 3.59% RedPath Financial
Lic. 10964
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3-yr 2.10%
Prime - 0.60
Mortgage Intelligence Dereck Landry
Lic. 10428
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5-yr 2.05%
Prime - 0.65
Mortgage Alliance Company of Canada
Lic. 10530
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Find the Lowest Mortgage Rates in Ontario

Find the best mortgage deals in Ontario in the comparison charts above. If you are looking for a home loan and are interested in more than just cheap rates – be sure to also pay attention to the mortgage terms and conditions. Find answers on open vs. closed mortgages, fixed vs. variable mortgages, and prepayment options in the frequently asked questions section below. Visit our Education Centre to learn even more about mortgages through the use of our home buying tools .

Should I get an open or closed mortgage in Ontario?

Closed mortgages are more prevalent than open mortgages because they typically have lower interest rates. These mortgage vary in their prepayment options. Closed mortgage rates can be either fixed or variable. The amount by which a prepayment is available is restricted, and interest penalties are enforced on any overpayment.

In an open mortgage you have the ability to pay down as much principal as you decide to in any given year. Open mortgages are commonly chosen when the borrower is planning to move, or expects to receive a lump sum of money in the near future.

What is the difference between variable vs. fixed mortgage rates in Ontario?

Historically, fixed rate mortgages are the most common choice for mortgage financing. Fixed mortgages have set interest rates that stay consistent for the term of the mortgage. This results in a steady mortgage payment for the mortgage term, and allows homeowners the benefit of exact budgeting and planning.

Variable mortgages generally have lower interest rates. These variable rates are tied to the market prime rate and thus vary over the term of the mortgage. To learn more about fixed vs. variable rate mortgages check out the fixed vs. variable mortgage section.

What are prepayment options?

Prepayment options grant you the right to increase the size of your monthly payments or make a lump sum payment directly towards the principal on your mortgage. The lender sets out the terms of prepayment which allows borrowers to increase payments based on a percentage of your current payment, thereby reducing your amortization period. Conversely, you may wish to make a lump sum payment towards the principal on your mortgage. The percentage by which you are allowed to make this lump sum repayment is based upon your initial principal value.

What is the mortgage ratehold?

A ratehold allows you to hold today’s current mortgage interest rate for a certain period of time. If today’s mortgage rates are favourable, you may want to find a mortgage with a ratehold up until your renewal or closing date. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period .

Ontario Housing Market Forecasts1

The beginning of the year 2010 saw historical record highs for the Ontario housing market. Ontario’s resale home sales and housing starts decreased during the rest of 2010 from this high start. They will continue to decline until late 2011 and early 2012, at which point they will begin to increase in sales volume. In 2012 there will be decreased demand from first-time homebuyers. However, the housing market will pick up momentum as a result of higher immigration levels, a stronger economy and strong labour markets.

Metropolitan Area Year Housing Starts MLS Total Sales MLS Average Sale Price
Thunder Bay 2010 222 1400 $155,060
2011(*) 270 16500 $159,000
2012(*) 275 1450 $164,000
Sudbury 2010 575 2244 $221,699
2011(*) 540 2350 $228,000
2012(*) 560 2500 $235,000
Windsor 2010 617 4893 $159,347
2011(*) 613 4600 $164,000
2012(*) 704 4850 $168,000
London 2010 2079 8389 $228,114
2011(*) 1890 8100 $237,000
2012(*) 1940 8400 $242,000
Kitchener 2010 2815 6772 $289,041
2011(*) 2550 6570 $295,000
2012(*) 2675 6900 $302,000
St. Catharines-Niagara 2010 6024 16200 $217,938
2011(*) 990 5900 $219,000
2012(*) 1050 6100 $223,000
Hamilton 2010 3562 12934 $311,683
2011(*) 3000 12300 $317,000
2012(*) 10500 17200 $339,000
Toronto 2010 29195 88214 $432,264
2011(*) 29550 83500 $441,000
2012(*) 31200 87000 $451,000
Barrie 2010 682 4105 $281,966
2011(*) 620 4000 $284,000
2012(*) 600 4150 $287,500
Peterborough 2010 404 2537 $249,763
2011(*) 380 2300 $254,500
2012(*) 420 2400 $259,000
Brantford 2010 504 2086 $229,678
2011(*) 385 1950 $234,000
2012(*) 440 2050 $238,000
Guelph 2010 1021 2834 $295,207
2011(*) 900 2800 $299,000
2012(*) 940 2900 $306,000
Durham 2010 1888 9476 $299,952
2011(*) 1740 9150 $305,000
2012(*) 2020 9510 $311,000
Kingston 2010 653 3209 $249,509
2011(*) 590 3100 $252,000
2012(*) 630 3300 $256,000
Ottawa 2010 6446 14586 $328,439
2011(*) 5950 13850 $336,500
2012(*) 6250 14350 $350,000

Ontario Mortgage Brokers

If you want current, personal, advice simply click on the link above to connect with an Ontario mortgage broker near you. Ontario mortgage brokers can help by giving you advice on current mortgage deals, your credit history, or help you with a special type of mortgage like cash back or HELOC. Brokers can also help with information on home purchases, lenders, current interest rates, and great mortgage solutions.

Ontario Home Inspectors

It's a good idea to find a Ontario home inspector to use before making an offer on a home. Bidding wars are not uncommon in Ontario so having a home inspector's name and phone number ready means that you can remove your successful home inspection condition sooner.

Ontario Real Estate Lawyers

Buying a home is not just a large financial transaction, there are also many legalities involved. To handle all these legalities, you can hire a Ontario real estate lawyer who will review all your documents, do a search on the title of your home, register the title in your name and help make sure all of your Ontario closing costs are paid.

References and Notes

  1. CMHC

Current Mortgage Rates by Province